Sunland Company borrows $88,800 on July 1 from the bank by signing a $88,800, 9%, 1-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 1 (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Ayayai Corp. issued a $30,000, 10%, 10-year installment note payable on January 1, 2022. Payments of $4,800 are made each January 1, beginning January 1, 2023. (a) What amounts should be reported under current liabilities related to the note on December 31, 2022? (b) What should be reported under long-term liabilities? AYAYAI CORP. Balance Sheet (Partial) December 31, 2022